Understanding Executive Severance Agreements: Expert Legal Review in Columbus, Ohio

 

Helping Executives Transition Seamlessly to New Opportunities

Severance agreements can be complex and often include restrictive covenants and executive non-compete clauses. It is crucial to ensure that your severance addresses all aspects of executive compensation, including bonuses, long-term incentive compensation, equity, stock options, and stock units (RSUs). To fully understand the terms and conditions in your executive severance package, it is essential to consult with an experienced employment lawyer. Once you sign an agreement, you usually cannot revoke your acceptance after a certain time period has passed.

Executive Severance Agreements

The Importance of Legal Review Before Signing

Before signing or attempting to negotiate a severance package, it’s important to ensure you are receiving what you deserve. Our Executive Severance Lawyers at Mansell Law review and find leverage to negotiate your severance, ensuring you are fully and rightfully compensated during the difficult transition between jobs. Having reviewed thousands of severance packages, our attorneys are experienced negotiators who can leverage your past employment and the circumstances of your separation to help you move forward.

How Do Severance Agreements Work?

A severance agreement contains promises from both parties and requires consideration, or an exchange of things of value. Our experienced Ohio employment lawyers can help ensure that any severance agreement fairly compensates you in exchange for the rights you may be relinquishing.

Severance packages and agreements are legally binding contracts. A severance outlines the rights and responsibilities of both the executive and the employee regarding the separation from employment. It includes terms of compensation, bonuses, equity, and other benefits, as well as the conditions that could cause the package to be given or withdrawn.

The severance agreement should offer some compensation or “consideration” beyond what you are already entitled to, such as your final paycheck and compensation for accrued but unused paid leave. In exchange, you may be giving up some rights, such as agreeing not to sue your employer for potential discrimination, harassment claims, or wage and hour violations. You could be in a strong bargaining position if your employer believes you have a case against them and wants you to go away quietly. Having an experienced employment lawyer negotiate on your behalf shows your employer that you are serious about protecting yourself and understand the value of your position.

What Are My Rights to Review, Accept, or Reject a Severance Package?

If you are over 40 years old, you are protected by the Older Workers Benefit Protection Act (OWBPA). This act prohibits discrimination and protects employees over the age of 40 who waive their right to sue for age discrimination. If you are asked to sign a waiver, release, or covenant not to sue in exchange for severance pay or other compensation, your severance payment should be more than the typical amount provided by the company. Under the OWBPA, employees over the age of 40 have 21 days to decide whether to accept the severance offer if you are the only person being separated. If the waiver or release is sought from a group of employees, each has 45 days to decide to accept or reject the offer. This period allows you ample time to consider the offer and consult with a qualified employment law attorney. Additionally, you have seven days after signing to revoke the agreement.

Assistance is Available with Severance Agreement Review in Ohio

For help reviewing or negotiating a severance agreement in Ohio, contact Mansell Law at 614–610–4134. Our experienced Columbus, Ohio employment attorneys are here to assist you.

By focusing on the complexity of severance agreements and the importance of legal assistance, this article aims to provide valuable information for executives navigating the transition between jobs. For personalized assistance and expert advice, trust the experienced lawyers at Mansell Law.

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